A pseudonymous trader pocketed a roughly $250 million windfall after the Trump-linked DeFi token WLFI hit public markets on Monday. Etherscan records show the wallet — known on HyperLiquid and X as Techno Revenant — had invested about $15 million in the token sale last year and received 1% of WLFI’s supply at distribution, which briefly valued the holding at roughly $250 million.
The token’s debut was volatile: WLFI spiked to about $0.40 before settling near $0.25, and the session generated more than $5 billion in trading volume. The gain follows the same trader’s recent $38 million profit on HyperLiquid, where they traded last week’s plasma (XPL) volatility and helped drive sharp futures-market moves.
But the launch was not just a market story. Security researchers flagged a targeted phishing campaign hitting WLFI holders that exploited an EIP-7702 loophole tied to Ethereum’s recent Pectra upgrade. Analysts described it as a “classic EIP-7702 phishing exploit,” underlining how protocol changes can create short-lived attack vectors.
Why it matters: large early allocations can create outsized winners and sudden liquidity shocks at listings, and protocol upgrades can inadvertently open new security risks for token holders and smart contracts. Investors in token sales should exercise caution, keep private keys and approvals secure, and verify contract interactions before signing.
Source: CoinDesk. Read the original coverage for full details.